Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Polperro. Clearly, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Polperro have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give careful consideration before putting off your Polperro lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension
Leasehold premises in Polperro with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Polperro can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Polperro lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of protracted correspondence with the landlord of her purpose-built apartment in Polperro, Isabella initiated the lease extension process as the 80 year mark was quickly approaching. The transaction completed in March 2008. The freeholder’s fees were negotiated to a tad over four hundred GBP.
In 2012 we were e-mailed by Dr L Hill who, having was assigned a lease of a ground floor apartment in Polperro in February 1997. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Similar flats in Polperro with an extended lease were valued around £176,200. The mid-range amount of ground rent was £65 billed yearly. The lease finished on 21 September 2082. Taking into account 56 years left we estimated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 plus legals.
In 2014 we were e-mailed by Mr and Mrs. K Campbell who, having acquired a recently refurbished apartment in Polperro in April 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Polperro with an extended lease were worth £242,600. The average ground rent payable was £45 collected monthly. The lease expiry date was on 21 October 2093. Considering the 67 years remaining we estimated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of fees.